China BAK Completes $43 Million Financing

China BAK Battery, Inc. has completed the private placement of 7.9 million shares of common stock. Gross proceeds to the company from the sale of the securities were $43 million.

The proceeds will be used for working capital, particularly to acquire equipment to facilitate automation of production of OEM cell phone cells, laptop cells, and lithium polymer cells. Roth Capital Partners LLC acted as the placement agent for the private placement.

The shares sold were not registered under the Securities Act of 1933. Unless the shares are registered, they may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.